Tax Deductions You May Not Be Taking

    1. Most people know they can take contributions as a write off if they itemize deductions.  Did you realize that you can also deduct mileage or travel expenses for your volunteer or charity work for qualified non-profit organizations.

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Beware Seasonal Tax Preparers

  Your income taxes, and who will prepare them is a question we have to answer every year.  The tax code is now 73,954 pages long, do you want to trust your return to a seasonal tax company, and a preparer who is primarily answering prompt to software driven questions, or do you want true […]

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Obamacare – what it means now

We are beginning to see the effects of Obamacare on our personal and business taxes in 2013.  One of the biggest impact will be for taxpayers earning more than 200K(Single) and 250K(Married).  Individuals in those tax brackets could be subject to an increase in the Medicare tax of 3.8% on passive income (interest, rent, capital […]

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Maximizing Retirement Options

In a meeting with a doctor the other day we saw an opportunity for him to maximize his retirement contributions far beyond his 401k limits in his hospital job.  He pays his wife who works in his family practice as the office manager and assistant.  We setup a Simple IRA account for the company which […]

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Maryland raises tax rates

Maryland raised income tax rates for singles making over 100,000 and married couples over 150,000.  The increase starts at a quarter percent up to 1 percent for those over $250,000.  With the addition of local taxes this takes Maryland income tax rates into the 8.75% range.  This tax increase is retroactive to January 1, 2012, […]

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